House of Representatives Approves SCZONE’s General Budget for FY 2022/23

House of Representatives Approves SCZONE’s General Budget for FY 2022/23

The Egyptian House of Representatives approved the Suez Canal Economic Zone’s (SCZONE) general budget for fiscal year (FY) 2022/23 at a value of EGP 42 billion.

In the presence of the House of Representatives’ Economic Committee, SCZONE’s Vice-Chairman for Investment and Promotion Affairs Walid Gamal El-Din reviewed the work that took place during the current budget for FY 2021/22, and then touched upon the authority’s new general budget for the next fiscal year.

Accordingly, the Economic Committee approved SZONE’s draft budget, as the authority is expected to achieve a net profit during the new fiscal year of about EGP 1.9 billion.

The current fiscal year witnessed the signing of a number of important contracts that the authority aims to localize the industries that the world is looking at. This includes the Red Sea Petrochemical Company with an investment value of $7.5 billion, which is the largest complex for petrochemical industries to be built in the industrial zone in Ain Sokhna. 

FY 2021/22 further witnessed the International Methanol Complex, with investments of $2.6 billion. It is an integrated industrial complex for the production of methanol and ammonia on an area of ​​2 million square meters in the Industrial Zone in Sokhna. With a production capacity of 1.4 million tons of methanol and ammonia, it aims to provide 1,200 direct and indirect job opportunities.

Sarah Samir 2790 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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